Dogecoin (DOGE) Whales Are Giving Up, But New Accumulation Hints at a Potential Price Reversal

The price of Dogecoin has been under significant downward pressure over the past week, and the latest on-chain data suggests that the meme coin might not experience relief any time soon.

The price of Dogecoin (CRYPTO: DOGE) has been experiencing a downturn over the past week, and the latest on-chain data might indicate that the meme coin is unlikely to experience relief any time soon.

What Happened: According to data from CoinGecko, the price of DOGE is trading in a narrow range and has experienced a decline of 0.5% in the past 24 hours. At the time of writing, the meme coin is valued at $0.246.

While the meme coin seems to have found formidable support around $0.23, there’s not been enough movement to ensure a comeback and wipe out some of the recent loss.

CoinGecko data shows that the largest meme coin has shrunk in value by more than 25% in the last seven days.

Related: Ethereum Is Consoliating After The Flush Last Weekend – The Calm Before A Big Move?

However, price action data shows that Dogecoin’s struggle didn’t begin in the past week, as the meme token has steadily declined since reaching $0.47 in early December.

According to data from Santiment, the price of DOGE is down by nearly 50% after notching the local high two months ago.

While the general market condition has not been particularly positive, the meme coin sector appears to be enduring the biggest impact of the climate shift.

The latest on-chain data suggests that an important class of large investors might have a role in the price downturn, as they are becoming less active in the Dogecoin market.

Dogecoin Large Transactions Witness Severe Decline

In a Feb. 8 post on the X platform, blockchain intelligence firm Santiment revealed that Dogecoin whales have become less active in the market, with their number of transactions dwindling in recent weeks.

Specifically, the on-chain analytics firm highlighted the changes in two whale transaction groups: the $100,000 and the $1 million transactions.

According to Santiment, the number of DOGE transactions (worth over $100,0000) has drastically reduced, by more than one-third of the volume during the “Trump pump run-up in early November.”

On-chain data shows that the weekly $100,000 transactions have fallen from 20,200 to 6,200 — an almost 70% decline — since November 9, 2024.

Meanwhile, the weekly $1 million DOGE transactions have plunged by over 75%, going from 3,490 to 850 in the last three months.

As highlighted by Santiment, these whale transaction metrics may need to pick up again if the Dogecoin price is to recover.

In a new post on X, crypto analyst Ali Martinez revealed that whales have accumulated over 100 million DOGE tokens in the past 24 hours.

According to the pundit, this latest round of accumulation signals growing interest and confidence amongst large investors.

See More: Meme Coins Poised For A Comeback In 2024? Here’s What Analysts, Data Say

DOGE Price Action: At the time of writing, the meme coin’s price is reflecting a gain of 6.16% in the past seven days.

Over the past 30 days, the meme coin has experienced a decline of 25.03%.

According to Benzinga Pro data, DOGE is trading at a price that is down 83.03% from its 52-week high of $1.44.

The largest meme coin has risen 3,310.65% from its 52-week low of $0.006.